数字金融Workshop第三讲 :Finance Leases and Capital Allocation Efficiency in China

时间/Time：2024年 10月15日 周二 北京时间下午14:00-15:30

地点/Venue：

线下：北京大学国家发展研究院承泽园校区249教室

线上：ZOOM会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker：李凯 Kai Li

主持人/Host：   胡佳胤 Jiayin Hu            

摘要/Abstract:

China's leasing market, the second largest globally after the U.S., is dominated by finance leases, unlike the U.S., where operating leases prevail. Often overlooked in mainstream research, finance leases play a special role in capital allocation in China, particularly by enabling large firms with surplus funding to effectively lend to high-productivity SMEs that face limited access to bank loans. Using transaction-level data from Chinese public firms, we find evidence supporting this. A two-sector general equilibrium model with financial frictions formalizes our findings. Moreover, finance leases have become a major form of shadow banking in China, but due to their repossession advantages, they pose lower systemic risk compared to other shadow banking types. These insights have important policy implications for regulating China’s shadow banking sector.

主讲人介绍/Biography:

Kai Li is a Professor of Finance at Peking University HSBC Business School (PHBS). His primary research fields include asset pricing, macro finance, green finance, financial economics, and China's financial market. He focuses on developing, testing, and applying equilibrium asset pricing theory, with a special emphasis on the financial accelerator mechanism. His papers have been published in leading academic journals, such as the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, and Review of Finance. His research on green finance is recognized as the top-cited article in the Journal of Finance and has received the WFA Best Empirical Finance Paper Award and the Amundi-ESSEC ESG Prize. Additionally, he currently serves as the Associate Editor of China Economic Quarterly.

李凯, 现任北京大学汇丰商学院金融学教授, 《经济学》（季刊）副主编。他的研究主要集中在资产定价、宏观金融、绿色金融、金融经济学以及中国金融市场等领域。他专注于构建、验证并应用一套基于金融加速器效应的均衡资产定价理论，并针对中国金融市场的重要理论和实证问题进行应用。他在Journal of Finance、Review of Financial Studies、Journal of Financial Economics、Journal of Monetary Economics、Review of Finance和《比较》等国内外重要期刊发表论文近二十篇。李凯主持了国家自然科学基金优秀青年科学基金项目（海外），并曾连续五年获得香港青年研究基金和优配研究基金的资助。他在绿色金融方面的研究入选金融学顶级期刊Journal of Finance高被引论文，并获得了美国西部金融学年会（WFA）最佳实证金融论文奖和Amundi-ESSEC ESG奖。